De Beers Uses Blockchain to Track Diamonds

According to a Reuters report, Anglo American’s (AAL.L) De Beers revealed on Thursday that it successfully tracked 100 high-value diamonds throughout the supply chain. This has been the first effort of its kind made to remove conflict minerals and imposters from the supply chain.

De Beers is the biggest diamond producer in the world by the value of the gems it has. The company has led multiple industry efforts in verifying the authenticity of the diamonds it uses and in ensuring that the diamonds don’t come from a conflict zone where they would be used for financing violence.

In an official statement, De Beers said:

“An immutable and secure digital trail was created for a selection of rough diamonds mined by De Beers as they moved from the mine to cutter and polisher, then through to a jeweler.”

Working with five diamond manufacturers, De Beers has developed the blockchain platform, Tracr. The platform would be launched by the end of the year and would be made available to others in the industry about the same time.

Diacore, KGK Group, Diarough, Venus Jewel and Rosy Blue NV were the manufacturers which were involved in the pilot.

It was announced back in January and initially revolved around larger stones. Bruce Cleaver, the Chief Executive Officer at De Beers said:

“The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before.”

It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.

About us

CoinFrenzy provides the latest news on Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tron (TRX), and many more cryptocurrencies. We also feature interviews with popular people in the industry who bring their revolutionary ideas and products to life to make groundbreaking change.